Gary Barlow's Record Label Closes 'After Huge Losses'
Remaining acts on Future Records will transfer to Universal...
The imprint, a subsidiary of Universal, was set up in 2009 and its acts have included Aggro Santos, Camilla Kerslake and Emma's Imagination.
The X Factor judge Barlow commented in a statement: "It's been a very difficult decision but it came down to time. I've had a lot going on recently and I want to spend more time with my family."
But the Sunday Mirror claims that the label has "gone bust" and that it turned in a loss of £4 million by the end of 2011.
The paper's source said figures were expected to be worse this year, and commented: "Gary was naturally upset. He'd signed a few great bands who are destined for success but the problem was he also had a few turkeys."
All the acts remaining on the label will transfer to parent company Universal.
There is still a question mark over whether Barlow will return to The X Factor in 2012.